MongiIG
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EUR/GBP weakens after hawkish Bank of England comments
EUR/GBP heads back towards key support
The sterling strength seen in the wake of these comments has helped drive EUR/GBP back down towards the 0.8472 lows established in April.
From a wider perspective we can see that a break below that level would signal a potential move back down towards the 0.8282 lows.
Source: ProRealTime
From an intraday perspective, the four-hour chart shows how the latest rebound fell short at the 100-simple moving average (SMA) moving average.
With the wider trend of lower highs continuing to play out, it looks likely we will see further weakness from here on in. As such, a bearish view holds until price breaks through the prior swing low (currently 0.8618).
Source: ProRealTime
Joshua Mahony | Senior Market Analyst, London | Publication date: Thursday 15 July 2021. IG
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© Reuters.
By Dhirendra Tripathi, 15th July 2021. Investing.com
Investing.com – Netflix (NASDAQ:NFLX) stock was up 2.7% in Thursday’s premarket trading amid increasing chatter it may add video games to its streaming platform.
A signal to this effect came Wednesday with the news of the company hiring Mike Verdu as vice president of game development, reporting to Chief Operating Officer Greg Peters.
Verdu was previously Facebook’s vice president in charge of working with developers to bring games and other content to Oculus virtual-reality headsets, according to Bloomberg.
Netflix plans to offer video games on its streaming platform within the next year, Bloomberg said. The games will appear with the existing portfolio as a new programming genre.
While the stock buzzes on the addition of new dimensions to streaming services by the company, it also got a little bump from an upgrade by UBS, which now has a target price of $620, 13% above its closing level on Wednesday. Analyst Eric Sheridan retained his ‘buy’ on the stock, according to StreetInsider.
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USD/JPY under pressure after Powell testimony
The rally of USD/JPY has stalled as Powell reins in tapering expectations and hits the dollar.
The bounce from the 50-day simple moving average (SMA) last week looks to have been a false dawn, and now we wait to see if the price can hold the 50-day MA (¥109.89) once again. The uptrend from late April is under threat, and a drop below ¥109.60 would be a negative development, although it might not bring it to an end entirely.
Source: ProRealTime
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GBP/USD on the up
A more bullish view continues to prevail here, as GBP/USD moves up from the losses earlier in the week.
Renewed gains target $1.39, and then on to $1.40, with buyers likely to add on weakness on the way up to this latter target. For now the bearish view is in abeyance, but would be revived with a move back below $1.374.
Source: ProRealTime
Chris Beauchamp | Chief Market Analyst, London | Publication date: Thursday 15 July 2021. IG
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EUR/USD recovers as dollar weakens
EUR/USD rebounded sharply yesterday from its lows as Jerome Powell’s testimony weakened the dollar. For now the buyers might have a chance to push the price back towards $1.188, and above this a more bullish view may prevail.
A failure to hold yesterday’s gains hands the initiative back to the sellers and brings $1.177 into view.
Source: ProRealTime
Chris Beauchamp | Chief Market Analyst, London | Publication date: Thursday 15 July 2021. IG
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Initial Jobless Claims measures the number of people who filed for unemployment insurance for the first time during the past week. This is the most timely U.S. economic data, but the market impact varies from week to week.
A reading that is higher than forecast is generally negative (bearish) for the USD, while a lower than forecast reading is generally supportive (bullish) for the USD.
13:30 UK Time
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For more up to date news on how markets will open, the latest earnings and economic news, watch IGTV live in the platform at 07:30am UK.
Today’s coverage:
Indices: Europe little moved from Wed close. Asia mostly higher, NKY down
FX: USD falls - Powell retains line that inflationary is ‘transitory’. Watching GBP as BoE MPC member warns of ‘tighter’ conditions earlier than expected – waiting UK jobs data. GBPEUR 3mth high
Econ data: China GDP 7.9% YoY falls short of 8.1% forecast. China retail sales better that expected
Equities: Earnings today ASC SVT EXPN HAS MS AA
Commods: Gold rises to hit 200 SMA on weaker USD
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IG Trading the Markets Podcast:
Cybersecurity specialist, Neira Jones, discusses recent concerns around data security as one of the main reasons for the intervention by Chinese authorities in the affairs of Chinese corporates in the West, including DiDi and Alibaba.
Our Podcasts are now available on Spotify, Apple Podcasts, Google Podcasts and Deezer Podcasts. You can also find more information by following the link here.
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Wells Fargo smashes profit estimates on reserve release boost.
© Reuters. FILE PHOTO: A Wells Fargo logo is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. REUTERS/Chris Helgren/File Photo
(Reuters) -Wells Fargo & Co swung to a profit in the second quarter, smashing Wall Street expectations, as it released $1.6 billion in funds it had set aside to cover loans that might have gone bad.
By Noor Zainab Hussain and Matt Scuffham, 14 July 2021. Investing.com
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Apple has asked its suppliers to build up to 90 million iPhones this year, a steep increase from the first year of the pandemic, according to a Bloomberg report citing anonymous sources.
The news suggests that the iPhone maker expects demand for upgrades to increase substantially as the roll-out of 5G services across the U.S. and further afield gathers pace.
The report said that Apple is also exploiting the problems of Huawei, whose mobile phone business has been hobbled by U.S. restrictions on the supply of vital components to it.
The report lifted Apple stock some 1.4% in premarket trading to a new all-time high. Shares in suppliers such as Taiwan Semiconductor Manufacturing (NYSE:TSM) and Hon Hai Precision Industry (OTC:HNHPF) – also known as Foxconn – also rose in the Asian session.
14th July 2021, by Geoffrey Smith. Investing.com
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Investors now await Fed Chairman Jerome Powell's testimony before Congress on Wednesday and Thursday. Although Powell has repeatedly insisted that higher inflationary pressures would be temporary, his testimony will be scrutinized for any hints on when the central bank will begin asset tapering and hike interest rates. This will be at 5PM UK Time. What will happen to the Dollar, will it continue trading lower ?
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The Bank of Canada will update its economic forecasts at a policy announcement later in the day (3PM UK Time), where the central bank is widely expected to announce further asset tapering.
The Canadian dollar held its biggest decline in a week ahead of the announcement, largely unchanged at C$1.2500 against its U.S. counterpart but weakening toward the two-and-a-half-month low of C$1.2590 reached during the previous week.
Other central banks will also hand down their policy decisions later in the week, with the Bank of Korea’s decision due on Thursday and the Bank of Japan’s decision due a day later.
By Gina Lee, 14th July 2021. Investing.com
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Hi @Chandrasegaran, for SL and TP line: Top left of the platform select 'Tools'> 'Options'> and then select 'Charts' tab, tick the box 'Show trade levels'
For One Click Trading, top left of the platform select 'Tools'> 'Options'> and then select 'Trade' tab, tick the box 'One Click Trading'
All the best - Mongiwethu
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Bank of America shares dropped after posting second-quarter revenue below analysts’ expectations.
BAC down 2.3% after earnings disappointment.Earnings: $1.03 a share, including a one-time $2 billion tax benefit. It wasn’t immediately clear how that figure is comparable to the 77 cents estimate of analysts surveyed by Refinitiv.
Revenue: $21.6 billion, just under the $21.8 billion estimate.
14th July, 2021. News from CNBC
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For more up to date news on how markets will open, the latest earnings and economic news, watch IGTV live in the platform at 07:30am UK.
Today’s coverage:
Indices: Softer markets after declines on Wall St following stronger US inflation data
FX: NZD sharp gains as RBNZ will end QE. Watching GBP ahead of CPI RPI PPI data. USD in view later as Powell speech expected to focus inflation
Equities: US Q2 earnings - C WFC BAC DAL, UK - DNLM PAGE
Commods: Lumber takes another leg lower as gold adds more weight
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Hi @Guest Adam.H, yes you can launch a ProRealTime account. How to get ProRealTime: Open an IG account, open My IG, launch ProRealTime (Activate ProRealTime via 'settings' in My IG) and then start dealing on ProRealTime. For more information on ProRealTime click this link https://www.ig.com/uk/trading-platforms/prorealtime .
Can you add some clarity about what you're wanting to do. If you want automated trading are you looking at using an API? Let me know so I can give you to correct, relevent data.All the best - Mongiwethu
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US inflation came in higher than expected in June as the Bureau of Labor Statistics reported the largest one-month and 12-month increases since 2008.
The Consumer Price Index for All Urban Consumers rose by 0.9% in June, up from 0.6% in the previous month, while the 12-month rate was at 5.4%, beating a market expectation of 4.9%.
European indices have been largely treading water today, with a sharp rise in US inflation driving GBPUSD lower to offset some of the fears around a more hawkish stance at the Fed. With both core and headline inflation outstripping expectations, the core reading of 4.5% is perhaps the most notable given that it removes the kind of volatile aspects that the Fed could use to explain away such a rise. Instead, we are seeing prices continue to push higher in a move that many will believe could undermine the view that this is simply a transitory rise in prices. Nonetheless, the relatively muted market reaction does highlight the fact that many have growth accustomed to the idea of near-term inflation, with the threat of a hawkish Fed seemingly disregarded for now.
Nonetheless, while markets remain somewhat optimistic that near-term inflation will be fleeting in nature, there is a very real risk that elevated prices persist to the point that the Fed is forced to shorten the timescales associated with the first rate rise. One key signal of where prices will move comes from the price of key commodities, with the recent collapse in lumber highlighting how producers could soon lower prices to reflect this chance in costs.
What are your thoughts on the US inflation data released and direction for the markets ?
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Hi @Guest Thomas, we do not offer wallets. However when you make a deposit you will see your funds displayed on your Dashboard when you are logged into your My IG account, select Live Accounts and it will show overview of your funds and balances. When you make a deposit please ensure that any card, PayPal or bank account is in your name when depositing into your IG account, as we’re unable to accept any third-party funding. You can deposit funds with a credit card, debit card, PayPal account or via a bank transfer. For more detail on make a deposit please kindly visit this link: https://www.ig.com/uk/help-and-support/deposits-and-withdrawals/deposits/how-do-i-deposit-funds-into-my-account .
If you're referring to Crypo wallets this isn't something we offer. We offer leveraged Crypto trading.
All the best - Mongiwethu
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OPEC+ deadlock is bad news for oil producers and consumers, IEA warns.
PUBLISHED TUE, JUL 13 2021. CNBC
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Hi @dreamingmonkey, thanks for your question. The replay function unfortunately is not available on the IG web platform but is available on our MetaTrader 4 platform using strategy tester function on your PC/Laptop. I will pass this message to our developers team. To find out more on the different features of our platforms and comparisons please kindly visit https://www.ig.com/uk/trading-platforms/compare-trading-platforms. All the best - Mongiwethu
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Hi @bill02, may you please kindly take a screenshot of your charts on your mobile device and also take on your laptop for both Bitcoin and Ether. Make both charts 4hour timeframe for each instrument, so we can have a look see. All the best - MongiIG
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Hey Guys,
I’m glad to announce the new community point of contact members @ArvinIG, @JakubIGand myself @MongiIG. With our vast experience and knowledge of financial services we have been moved to manage the community.
It will be great to hear any feedback you have for IG and we will be happy to push these ideas to our developers.
Do make sure if you need anything answered to, do not hesitate to contact us and we will respond as soon as possible.
Thanks, IG Community Team 😊
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Crude oil
in Commodities
Posted